Web-Connected Medical Devices Market Opportunities and Forecasts, 2017 – 2025

Some of the major players operating in global web-connected medical devices market are Medtronic, Philips Healthcare (Koninklijke Philips N.V.), GE Healthcare (General Electric Company), St. Jude Medical, LLC, Omron Corporation and Smiths Group plc. Companies are involved in collaboration agreements for R&D to exploit maximum potential.

Consumer health is one of the area which can more dramatically reshaped by the internet of things. Internet of things (IoT) medical devices or web connect medical devices have revolutionized the medical and healthcare industry in terms of delivering advanced and improved medical care thus leading to better clinical outcomes. Web connected medical devices offer tremendous benefits including remote monitoring with the use of sensors network, actuators and other mobile communication devices called as web connected medical devices. Web connected medical device is a cloud based technology wherein patient’s vital parameters transmitted to the cloud based platforms where it is stored, aggregated and analyzed. Advantages of using web connecting technology includes timely management of the patients medical condition thus reducing the overall mortality rate, reduced clinics visits, reduced hospital and emergency admission. Leading manufacturers of the medical devices are increasingly taking advantage of internet of things (IoT) in order to deliver the solutions in more efficient manner. Various types of web connected medical devices that area currently in use in medical practice include, insulin pumps, asthma inhalers, pacemakers, glucose monitoring devices, infusion pumps, blood pressure monitors etc. One of the primary advantage of web connected medical devices is extended ability for continuous remote monitoring of the patient struggling with a chronic medical condition. Web connected medical devices allow care for pediatric and the older population group, deliver personal health and fitness management and chronic diseases management.

As the geriatric population is increasing there is an immense need of delivering in home medical care not only to reduce unwanted hospital visits but also to align with consumer’s preferences in order to live healthy while allowing their independence at home. Furthermore, rising prevalence of chronic diseases including cardiovascular disease such as heart failure, diabetes and hypertension and increasing number of obese population are boosting the demand for technologically advanced remote patient monitoring solutions. Web connected medical devices enhance self-care options capturing early signs of any medical condition, document patient engagement, and collect health-related data resulting in substantial savings for payers and patients. The global market for web connected medical devices is expected to grow in popularity as increasing number of hospitals leverage technologies in multiple ways so as to increase the efficiency. Several challenges in the integration of web connected medical devices is difficulty in managing diversity and interoperability of the medical device, issue with regards to the data integration, scaling, data volume and performance. Furthermore, lack of dedicated tools to secure the data and inadequate medical expertise and reluctance to adoption of such devices in the under developed countries are few of the factors hampering the market growth of web connected medical devices over the forecast period.

Capability of assessing, monitoring and obtaining real time data of patient’s medical condition, physiological parameters and activities, and in turn delivering precise care by collecting valuable data from patients and clinicians thus improving patient care and overall operations, is expected to boost the web connected medical device market in the near future.

By product type, the global web-connected medical devices market is segmented into vital signs monitoring devices, medication monitoring devices, safety monitoring devices and activity monitoring devices

By modality, the global web-connected medical devices market is segmented into wearable web-connected medical devices, and non-wearable web connected devices.

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By end, user the global web-connected medical devices market is segmented into, hospitals, ambulatory surgical centers, specialty clinics and home care settings.

By regional presence, global web-connected medical devices market is segmented into five key regions viz. North America, Latin America, Europe, Asia-Pacific, and Middle East & Africa. North America will continue to dominate the global web-connected medical devices market followed by Europe. Increasing The US Federal Drug Administration (FDA) efforts to encourage the leading medical device manufacturers of web connected medical devices to actively monitor their software for bugs is expected to fuel the market growth in the U.S. Therefore, in 2016 FDA issued guidelines outlining the web connected medical device security. Also, increasing efforts of medical device manufacturers to incorporate connectivity to their formally unconnected medical devices will further accelerate the market growth and for connected medical devices. Rapid adoption of mobile health technology and increasing health conscious population will drive the market growth in the near term. Also, countries like Brazil, Mexico, China, India and Japan have the largest patient pool with chronic medical condition thus driving the demand for web-connected medical devices. Hesitation with respect to the data privacy concerns and reluctance to spend on such devices is expected to hamper the market growth of web connected medical devices in African countries.

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